It’s a cloudy day for solar stocks, as clean energy tax credits are threatened
The overall market is down only slightly, but several solar-related names were among the day’s worst performers midday, after GOP lawmakers in the House of Representatives said they intend to axe clean energy tax credits more quickly than planned.
House Republicans have looked for areas to cut in order to offset the extensions of large income tax cuts first passed under President Trump in 2017, and the addition of new tax cuts on tips and overtime pay.
Climate-related policies championed by Democrats seem likely to be on the chopping block, which is being reflected in today’s trading.
First Solar, renewable-heavy power generation company AES Corp., and solar microinverter maker Enphase Energy top the list of the day’s decliners at noon. Not to be forgotten, of course, is Tesla, which has a solar arm and is also reliant on the electric vehicle tax credits that would be abolished under the bill House Republicans just pushed out of committee.
Climate-related policies championed by Democrats seem likely to be on the chopping block, which is being reflected in today’s trading.
First Solar, renewable-heavy power generation company AES Corp., and solar microinverter maker Enphase Energy top the list of the day’s decliners at noon. Not to be forgotten, of course, is Tesla, which has a solar arm and is also reliant on the electric vehicle tax credits that would be abolished under the bill House Republicans just pushed out of committee.
